Fairfax Lowered

The counterparty credit and senior un-secured debt ratings on Fairfax Financial Holdings Ltd. (Fairfax) were lowered from “BBB+” to “BBB-” by S&P, which also revised the outlook from negative to stable.

S&P also took rating action on a group of entities related to Fairfax, lowering the counterparty credit and financial strength ratings on those companies from “A-” to “BBB+.” Affected companies are: Commonwealth Ins. Co.; Crum&Forster Ins. Co.; Crum&Forster Underwriters Co. of Ohio; North River Ins. Co.; Premier Ins. Co.; United States Fire Ins. Co.; Fairmont Ins. Co.; Federated Ins. Co. of Canada; Lombard General Ins. Co. of Canada; TIG American Specialty Ins. Co.; TIG Indemnity Co.; TIG Ins. Co.; TIG Ins. Co. of MI; TIG Ins. Co. of NY; TIG Ins. Co. of CO; TIG Ins. Co. of TX; TIG Ins. Corp. of America; TIG Premier Ins. Co.; TIG Specialty Ins. Co.; and Markel Ins. Co. of Canada.

S&P took the same rating action on Odyssey America Reinsurance Corp. (formerly TIG Reinsurance Co.), Odyssey Reinsurance Corp. and Compagnie Transcontinentale de Reassurance, known collectively as Odyssey Re.

In addition, the financial strength rating on Falcon Ins. Co. was lowered from “A-” to “BBB+.” The counterparty credit and senior unsecured debt ratings of TIG Holdings Inc. were lowered from “BBB-” to “BB+” while the company”s preferred stock rating fell from “BB” to “BB-.”

Topics Canada